What is the full form of IFSC?
The full form of IFSC is Indian Financial System Code.
It is an 11 character alphanumeric code that specifically acts as the branch identifier of each bank in India. One can easily identify a bank and its branch using the IFSC code. This code is required to send money using NEFT or RTGS.
It is provided by the Reserve Bank of India to identify banks and their branches that have the NEFT, RTGS and IMPS facilities. The IFSC code also helps RBI to monitor banking transactions without any hassle.
IFSC Code Format
The IFSC code format has 11 characters which are alphanumeric in nature. These characters can be divided into 2 parts which are:
- The first 4 characters that inform about the Bank
- The last 7 characters that the branch of that bank
- Bank's Name
- State where Bank's branch is located
- Address of the Branch
For Example - The IFSC Code for Axis Bank, Transport Nagar, Allahabad, U.P. is UTIB0002799 where UTIB is the code for Axis bank and 0002799 is the code for that particular branch.
How to get IFSC Code
To get the IFSC code for a particular bank's branch, a person needs to provide the following details:
It's not as complicated as it seems. One can easily find the IFSC code of any bank, there are various websites such as https://banksifsccode.com/ to help you find the IFSC code of your bank's branch.
Importance of IFSC Code
The IFSC Code is very essential in transferring funds online. It helps in identifying banks and its branch easily to fasten the money transfer process.
However, the IFSC code is only important to send and receive the money within India. If someone has to send or receive money internationally, an IFSC code is not required.